"We are also creating an ecosystem to make India a global hub for electronics manufacturers. Over 250 investment proposals for electronics manufacturing has been received in the last 2 years, totalling an investment of Rs 1.26 lakh crore," Jaitley said while presenting Union Budget 2017-18 in the Lok Sabha.

Finance Minister Arun Jaitley today announced the abolition of FIPB, a body that clears proposals envisaging foreign investment up to Rs 5,000 crore.

The minister also announced that further liberalisation of the FDI policy is under consideration.

"FIPB has successfully implemented e-filing and online processing of FDI applications. We have now reached a stage where FIPB can be phased out. We have, therefore, decided to abolish the FIPB in the year 2017-18. Our roadmap for the same will be announced in the next few months.

The Centre today approved extension of tenure of loans under Credit Linked Subsidy Scheme (CLSS) of Pradhan Mantri Awas Yojana (PMAY) to 20 years from 15 years and introduction of a new CLSS for middle income group with a provision of Rs 1,000 crore in 2017-18.

"The Union Cabinet chaired by Prime Minister Narendra Modi has given ex-post facto approval to the proposals for extension of tenure of loans under the CLSS vertical of Pradhan Mantri Awas Yojana (Urban) Mission from 15 to 20 years," said an official statement.

In a major thrust to agriculture, Finance Minister Arun Jaitley today announced a whopping Rs 1 lakh crore hike in the credit target for the next fiscal to Rs 10 lakh crore as part of the government's efforts to double farm incomes in the next five years.

"The target for agricultural credit in 2017-18 has been fixed at a record level of Rs 10 lakh crore," Jaitley said in his Budget speech.

The government will take special efforts to ensure adequate credit flow to underserved areas -- the eastern states and J&K, he added.

Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India.

The other areas of focus include rural India, the youth, poor and under-privileged, the financial sector, public service and prudent fiscal management.

Manufacturing sector rebounded from demonetisation downturn in January amid rising order books, production as well as buying levels and the expansion in the sector is likely to pick up pace in coming months, says a monthly survey.

The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- an indicator of manufacturing activity -- increased to 50.4 in January from 49.6 in December.

While the Economic Survey sought to make Indian apparel, leather and footwear globally competitive, it acknowledged that the labour laws, taxes and tariffs and limited availability of cattle for slaughter are creating barriers for the sectors. The survey suggested the need to undertake rationalisation of domestic policies, which are inconsistent with global demand patterns.